28 Mar 2024
Anta’s FY23 revenue was up by 16.2% YoY to Rmb62.36bn driven by the YoY rise in Anta brand/ FILA/ Other brands by 9.3%/ 16.6%/ 57.7% to Rmb30.31bn/Rmb25.1bn/ Rmb6.95bn respectively driven by the recovery in the retail market. Overall GPM was up by 2.4ppt YoY to 62.6% on the back of i) the continuous transformation of the higher GPM DTC model in Anta Brand; ii) Improvement in retail discounts of FILA. On the cost side, S&D cost ratio dropped from 36.6% in FY22 to 34.8% in FY23, thanks to a 2.1ppt decline in A&P expenses as i) reduction in the number of relatively large-scale sports events for FY23; and ii) the decline of staff cost ratio from 15.1% in FY22 to 14.9% in FY23, while admin cost ratio of the company was down by 0.8ppt YoY to 5.9% in FY23. Share of loss of JV (52.7% held) was at Rmb718m during the period (FY22: +Rmb28m) due to impairments on goodwill and trademarks of Rmb1.13bn related for the Peak Performance biz. As a result, NP surged by 34.9% YoY to Rmb10.24bn, with NPM up 2.3ppt YoY to 16.4%. Final-DPS was at HK$115 cents, representing a payout ratio of 50.7% (FY22: 44.3%).